Turnkey Cashflowing
305 South 2nd Street Millville, NJ 08332
For Sale
$289,900
Pending
Triplex with two 2-bedroom units occupied and a vacant 1-bedroom unit, with separate electric and gas meters.
Property Size1,933 SF
Days on Market44
Property Features for 305 South 2nd Street
General Information
- Standard status
- Pending
- Size
- 1,933 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1917
Listing Agency:
DePalma Realty
(609) 501-4162
Listed By:
Michael DePalma · License #1328898
(609) 501-4162
Source:
Compass
Added: Jun 11
Changed: Jul 22
Last Checked: Jul 23 at 10:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of DePalma Realty
Investment Insights
Based on property information with market context.
This turnkey triplex includes three residential units: two units with 2 bedrooms and 1 bathroom, and one unit with 1 bedroom and 1 bathroom. The two 2-bedroom units are currently occupied, while the 1-bedroom unit is vacant. Both occupied units are on month-to-month terms.
Each unit is separately metered for electric and gas, and the current lease structure includes a monthly water/sewer fee that generally covers water and sewer costs. The landlord is responsible for trash, taxes, and building insurance.
The property is offered for sale as an income-producing multifamily opportunity in Millville within the Millville Area School District.
Each unit is separately metered for electric and gas, and the current lease structure includes a monthly water/sewer fee that generally covers water and sewer costs. The landlord is responsible for trash, taxes, and building insurance.
The property is offered for sale as an income-producing multifamily opportunity in Millville within the Millville Area School District.
Key Highlights
- Triplex built in 1917 with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- Two 2‑bedroom units are currently occupied; the 1‑bedroom unit is vacant
- With two leased units, rent roll is $2,535/month; both leased units are month‑to‑month
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.3k | $19.80 |
| − Vacancy | −$2.4k | −$1.22 |
| EGI | $35.9k | $18.58 |
| − OpEx | −$10.8k | −$5.57 |
| NOI | $25.1k | $13.00 |
1,933 SF · lease $19.80/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$359.1K
$314.2K – $419.0K
NOI $25,138 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$330.6K
$289.3K – $385.7K
NOI $23,141 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$2.90M
$2.54M – $3.39M
NOI $203,169 @ 7.0% cap · market cap 70.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Triplex with two 2-bedroom units occupied and a vacant 1-bedroom unit, with separate electric and gas meters.
Where is this triplex located?
The property is located at 305 South 2nd Street Millville, NJ.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Triplex built in 1917 with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; Two 2‑bedroom units are currently occupied; the 1‑bedroom unit is vacant; With two leased units, rent roll is $2,535/month; both leased units are month‑to‑month
